To estimate the indirect costs related to productivity losses attributable to premature mortality by diabetes mellitus (DM) in Colombia, 1998-2017. Retrospective analysis from the human capital approach. We estimated the potential productivity years of life lost (PYLLs) related to DM deaths. We obtained mortality data from death certificates of the Colombian statistics bureau. PYLLs were assessed considering the productive lifetime in Colombia (ranged from 18 to 57 years in women and up to 62 for men) and the age of death (adjusted for mid-period). Two scenarios were built to value premature mortality: 1) Lower loss: PYLLs were quantified. Between 1998-2019, Colombia reported 157,156 DM deaths, 81% occurred over 60 years of age, and 57% in women. Premature DM deaths accounted for 260,879 PYLLs, 62.4% in men and 57.6% in population aged 40-64 years. The non-discounted costs related to DM premature mortality range between US$942 million–1.7 billion throughout the study period. The economic burden associated with this disease in the discounted scenario ranges from US$573 million–1 billion. For 2019, these costs range between US$. We valued the economic burden due to DM premature deaths in Colombia. To complete this burden, it is necessary to include direct costs, out-of-pocket health expenditures, and indirect costs associated with loss of productivity owing to disability.